MARTINSBURG, WV. — Capital Heights Townhomes LP has received a $3.9 million loan for the refinancing of Capital Heights Townhouses, a 110-unit affordable housing property in Martinsburg, located in the Eastern Panhandle region of the state. The property was constructed in 1968 and renovated in 2004. Dougherty Mortgage's Austin office arranged the 10-year loan.
ORLANDO — Homewood Suites by Hilton has opened the 128-room Homewood Suites by Hilton Orlando Airport, adjacent to the Orlando International Airport. McKibbon Hotel Group Orlando Gateway HM owns the four-story hotel, which is managed by McKibbon Hotel Management Inc. The hotel includes complimentary Wi-Fi, a fitness center, outdoor pool, sport court and 760 square feet of meeting space.
The Nashville metropolitan statistical area (MSA) comprises 13 counties and a population of approximately 1.45 million, which represents a 47.2 percent increase since 1990, nearly 2.5 times the national average of 19.2 percent for the same period. With a host of world-class companies like Dell, Nissan, HCA and Sprint PCS, Nashville has become a destination for a young, progressive generation of families. Over the past decade, the Nashville area saw tremendous increases in several areas: population growth in the region has gone from 53rd in the United States to 38th and income growth in the region rose from 138th in the United States to 49th. That takes the region from five percent below the U.S. median household income average to seven percent above it. Diverse and Growing Economy The Nashville region’s economy is diverse and thriving. Low unemployment, consistent job growth, substantial outside investment, and a well-trained labor force combine to make Nashville an attractive city for business. Nashville enjoys an unemployment rate that is historically below the national average, ending the year at 6.95 percent (compared to 8.3 percent for the nation). Nashville’s diverse economic mix is led by the manufacturing and healthcare industries, followed by publishing and printing, …
HOLLYWOOD, FLA. — The Delavaco Group has acquired Park Colony, a 316-unit apartment community in Hollywood. The property is located one-half mile south of Hollywood Boulevard, a major east/west thoroughfare in southern Broward County. Park Colony was built in 1987 and has been institutionally owned for 15 years, which has helped the property maintain stabilized occupancy, according to broker Hamton Beebe of ARA. The property was 95 percent occupied at the time of sale. Beebe, Avery Klann and Marc deBaptiste represented the seller, a Boston-based REIT, in the transaction.
UNION CITY, GA. — RCG Ventures LLC has sold Shannon Square, a 100,000-square-foot shopping center at 4720 and 4700 Jonesboro Road in Union City for $8 million. The property is 95 percent leased and tenants include Hibbett Sports, Dollar Tree, Rent-A-Center, Farmer's Home Furniture and Dunkin' Donuts. The buyer was a private equity group. Drew Fleming and Mark Joines of Cassidy Turley represented the seller in the transaction.
SNELLVILLE, GA — Carmike Cinemas says construction will begin soon on a new 13-screen theater across from a 43-acre, open-air shopping center development known as The Avenue in Snellville. The Carmike 13 will seat 2,800 moviegoers and include the upgraded “BigD” auditorium with a larger screen, plush chairs and enhanced video and audio. The movie theater chain will also have a grand opening for a 12-screen theater March 7 in Decatur Mall on Beltline Road in Decatur.
BETHESDA, MD. — A joint venture between MRP Realty and Rockpoint Group has secured a $150 million acquisition loan for the Air Rights Center, a 688,717-square-foot office development in Bethesda. The development includes three buildings in the north, east and west towers. The property is 93 percent leased to a diverse tenant base. John Campanella and Paul Spellman of Cassidy Turley represented the joint venture in securing the loan, which was provided by a commercial bank.
GLEN BURNIE, MD. — A joint venture between Morgan Properties and Dune Real Estate Partners has acquired Chesapeake Glen, a 796-unit apartment community in Glen Burnie, from Equity Residential. The garden-style community is close to major commuter arteries, including I-95, I-97 and the Baltimore-Washington Parkway. Amenities include a clubhouse, fitness center, outdoor swimming pool, tennis courts and picnic areas. The buyers plan to upgrade the property. HFF represented the seller in the transaction.
NEW PORT RICHEY, FLA. — Fairway-River Walk has acquired the 69,083-square-foot River Walk shopping center in New Port Richey for $8.4 million. The Publix-anchored center is 95 percent occupied and additional tenants include Subway, Chase Bank and Stassi's Italian Grill. The property is located at 11332 and 11400 Ridge Road. Mike Milano and Ron Schultz of Colliers International represented the seller, USA Real Estate Profit Funds III LP, in the transaction. The buyer was self-represented.
ALABASTER, ALA. — Beech Street Capital has arranged a $6.5 million Fannie Mae loan for the acquisition of the Montevallo Apartments, a 200-unit community in Alabaster. The property includes a clubhouse, two pools and two tennis courts. The borrower has recently acquired four other garden apartment complexes in Birmingham from long-term owners. Barry Lefkowitz and Jay Jacobovitch of Meridian Capital Group originated the seven-year loan, which features a 30-year amortization schedule.